Commercial real estate giant KBS has a new team of top executives, including a new CEO, as it executes a shake-up of its leadership.

The Newport Beach, California-based investment firm that operates a number of real estate equity funds named Marc DeLuca, its Eastern region president, as its new CEO. DeLuca, who is based in D.C., takes over for Chuck Schreiber, a co-founder of the firm who has held the top role for 23 years. Schreiber will stay at KBS as chairman and president, the firm announced.

DeLuca, an eight-year veteran of the firm, will direct and oversee all KBS operations as well as continue his regional president role. He’ll also continue to serve as chairman of the KBS Investment Committee that reviews and approves all new investments for the firm.

“We take pride in our commitment to organic growth, through which we empower our team members to lead and evolve," DeLuca told Bisnow in a statement Friday. "That strategy, coupled with the tremendous depth of expertise across our executive committee, positions KBS to build on our already strong foundation of efficiency and collaboration."

DeLuca isn’t the only one getting a new title. Jeff Waldvogel, an 11-year veteran of the firm, will assume the newly created role of chief financial officer, and Luke Hamagiwa will be promoted to vice president/asset manager of the Eastern region.

"Looking ahead, we are focused on our core competency of investing in premier commercial real estate in top locations throughout the country, while also exploring new products and vehicles that will further our mission of protecting investor capital in both the short and long term,” DeLuca said.

Founded in 1992, KBS, a private equity real estate firm, has completed more than $44B in transactional activity and is one of the largest owners of office space in the world. KBS was co-founded by Schreiber, Don Koll and Peter Bren, the brother of Irvine Co.'s billionaire owner Donald Bren. Peter Bren, KBS' longtime chairman and president, died in 2019.

CORRECTION, JAN. 31, 5:30 P.M. ET: A previous version of this story misstated Marc DeLuca's name. It is Marc, not Mark. This story has been updated.